Sky-high deposits to blame for still living at home

Sky-high deposits to blame for still living at home

Sky-high deposits to blame for still living at home

First published in News

SKY-HIGH deposits and a desire not to be trapped in a renting vortex is causing thousands of workers to be stuck living with their parents.

Figures from housing charity earlier this month revealed 4,800 – some 37 per cent - of Tendring workers aged 20 to 34 are still in the family home.

Krystle Kalemadu is still at home with her parents in Grafton Road, Dovercourt despite getting married to husband Sudhin in January.

The couple have been advised not to rent by family and friends because it would make saving even tougher.

“My parents have been kind enough to say we can live here as long as we want to be able to save for a mortgage,” said 23-year-old Mrs Kalemadu.

“Renting a nice house would cost us more than £600 per month, and we have researched we would need to save ten per cent of what you want to borrow for a deposit.

“For a decent three bedroom house we would need £20,000 but even after that mortgage providers look at outgoings such as bills and gym membership so even if we managed to save the money there is no guarantee we could get it.”

Mrs Kalemadu works as head receptionist and a trainee dental nurse at Clearsprings Dental Practice and has even thought about getting a second job to help raise funds.

She added: “The future seems bleak but we can only hope with hard work and determination we will be able to own our own home one day.”

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